1. Introduction to Accounting

Which of the following is a type of accounting primarily concerned with providing information to external users such as investors and creditors?

When entering into a new partnership, a good strategy is to:

Which of the following is the most appropriate allocation base for assigning factory rent (an indirect expense) to products in a manufacturing company?

In financial accounting, a down payment is an upfront payment of what to make a purchase?

All business risks can be categorized as either:

Why is it important to understand whether you are more of a natural saver or a natural spender?

Accounting is distinct from finance because its main focus is on:

Which of the following is a type of accounting commonly used in organizations?

Which type of accounting is primarily concerned with protecting business assets against risks such as fire, theft, and other hazards?

Which of the following is NOT a type of accounting?

Pete wants a loan of \$1 to start a small business. Which type of accounting would be most relevant for preparing the financial statements required by the bank to assess his loan application?

Which of the following is a characteristic of a performance bonus?

Descriptive data about a customer in accounting typically includes categories such as:

Which of the following is a primary advantage of using old-fashioned paper filing for preparing your taxes?

When auditing an entity with a limited control environment, which type of accounting is most directly involved in evaluating the effectiveness of internal controls?